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babam
Level 1

The foreign currency exchange rate on the balance sheet is incorrect. How do I fix it?

I have funds in a USD account which was invoiced from September 2016 through July 2017.

When I check the balance sheet as at November 2018, the value in my local currency is incorrect. I suspect it is because QB is taking the exchange rate set at the time those transactions were made whereas in reality, the current value in my local currency, is the total in the USD account multiplied by TODAY's exchange rate. How do I fix this?


EDIT -FIGURED IT OUT. You need to goto multicurrency settings and then revalue accounts to current market rate.

Solved
Best answer September 26, 2019

Best Answers
IntuitMaryJane
Level 2

The foreign currency exchange rate on the balance sheet is incorrect. How do I fix it?

Hi there, Babam.

You're doing a great job at finding your way around for foreign currency exchange rate.

To read more about multi-currency, please check these articles:  

Feel free to stay in touch with me if there’s anything else you need.

View solution in original post

2 Comments 2
IntuitMaryJane
Level 2

The foreign currency exchange rate on the balance sheet is incorrect. How do I fix it?

Hi there, Babam.

You're doing a great job at finding your way around for foreign currency exchange rate.

To read more about multi-currency, please check these articles:  

Feel free to stay in touch with me if there’s anything else you need.

View solution in original post

Drew_E
Level 3

The foreign currency exchange rate on the balance sheet is incorrect. How do I fix it?

@babam 

 

I'm glad you were able to get it figured out. One thing to be aware of is that there isn't any way to show the foreign balance of an account within the balance sheet report nor any other QB report.